The Megaport Ltd (ASX: MP1) share price has tanked 4.86% to $17.03 after dipping to an intraday low of $16.65, despite no price-sensitive announcements on Wednesday.
Shares in the network as a service (NaaS) provider have taken a turn for worse after a positive full-year results announcement on Tuesday.
Let's take a look.
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How did Megaport perform in FY21?
Megaport delivered a well-rounded result with "consistent increases in all metrics across all regions in FY21".
Revenue was up 35% to $78.28 million, monthly recurring revenue lifting 32% to $7.5 million and customers increased 24% to 2,285.
This growth was underpinned by the continued global expansion of its data centres, lifting 11% year-on-year to 405 locations.
Encouragingly, the company revealed breakeven earnings before interest, tax, depreciation and amortisation (EBITDA) in the month of June. However, it still reported a net loss of $55 million for FY21.
The company retained a solid cash position of $136.3 million to fund its growth and development.
Megaport acquires InnovoEdge
In addition to financial results, Megaport also yesterday announced its acquisition of InnovoEdge, an "AI-powered multi-cloud and edge application orchestration company", for US$15 million in cash and script.
Management said the acquisition would "help the company drive greater functionality" across its NaaS platform.
About the Megaport share price
The Megaport share price experienced a similar scenario after the release of its half-year results on 10 February.
Its shares opened 7.33% higher to $14.20 on the day of the results but had tumbled 24.86% to $10.67 by 29 March.
Megaport shares have rallied 20.4% year-to-date and are up 28.65% in the last 12-months.
